Oil futures rose on Thursday on news that top world oil exporter Saudi Arabia had cut back production in response to flagging demand, and after China reported strong demand for its exports.
U.S. crude futures rose to a 16-week high of $94.70 a barrel before settling at $93.82, up 72 cents on the day. Brent crude rose as high as $113.29 a barrel before settling at $111.89, up 13 cents.
OPEC's top producer slashed oil production by 700,000 barrels per day (bpd) to 9 million bpd during the last two months of 2012, according to industry sources. Major customers for Saudi crude said the cuts were driven by lower demand.
Oil rises after Saudi Arabia cuts output | Reuters
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